One of my favorite setups is a "blue sky" breakout - when an asset makes a new all time high. When this happens, there is no resistance left on the chart! We saw this recently with Injective, and now we are seeing ARB make a new all time high.
For confirmation, we want to see a daily close above $1.82. Then the best entry is a reset of that level as support, if it comes.
Remember, no setup is certain, this can definitely fail. But it has easy invalidation if it stars closing candles back above that level.
For confirmation, we want to see a daily close above $1.82. Then the best entry is a reset of that level as support, if it comes.
Remember, no setup is certain, this can definitely fail. But it has easy invalidation if it stars closing candles back above that level.
scott.melker@texaswestcapital.com